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NFT Lending Platform Arcade Raises $15 Million in Series A By BTC Peers

by Mike Robinson

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NFT Lending Platform Arcade Raises $15 Million in Series A

Arcade, which is a Decentralized Finance (DeFi) platform and lending platform for high value non-fungible tokens (Linds), has been awarded $15 Million in Series A funding (NFTs)

Venture capitalists such as Pantera Capital (Castle Island Ventures), Franklin Templeton Blockchain Fund Fund and Golden Tree Asset Management have invested $15 million into Arcade. Richard Ma, BlockFi CEO, and Quantstamp’s Chief Executive Officer, joined the new funding round.

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Arcade and other companies involved in DeFi have also secured investment in excess of $10 million this year. Three Arrows Capital funded one of the most popular Decentralized Exchanges with a $10 Million Series B investment.

Arcade, a private release that financed a lender of $10 billion+, was able to borrow $800,000. It did this against an NFT portfolio. This made Arcade the first permissible on-chain loan. Up to $10 million worth of assets has been borrowed from the platform.

Gabe Frank, co-founder of Arcade says NFTs contribute more than $200B in Total Locked Valuation to the DeFi industry. However, NFT holders are restricted from liquidity due to a lack of infrastructure in DeFi despite high market capitalization.

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Earnity (a DeFi company) received $15 million investment to help expand its operations earlier this month. Arcade emphasized that the company’s latest financing would help it achieve its goal of supporting the broader use of DeFi and NFTs.

The DeFi lending experience has been unparalleled. The Arcade token works with every ERC20 token, such as USDC, wETH and DAI. This adds a layer of utility to the ecosystem. In addition, the Arcade’s Wrapped NFT (wNFT) technology enables several NFT assets to be combined and used to buy a single loan, allowing for bigger loans and higher liquidity. Arcade open-source DeFi basic will also allow developers to build on top of the platform, allowing for the greater use of this new asset class,” the business noted.

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